What if you do not know your total amount left (with interest). I also do principle reductions. That was the reason why I wanted to split up both principle payments and interest payments.
By having the principle starting balance, then adding interest each month, as well as subtracting the monthly payments, that'll show that i'm paying the loan down. If I don't create an 'Interest' bucket, i'm not sure how that will affect my cash flow reporting. Are the buckets needed for reporting? Mark On Dec 19, 7:55 pm, Kevin Hoctor <ke...@nothirst.com> wrote: > On Dec 19, 2008, at 5:56 PM, mhadja...@gmail.com wrote: > > > > > I want to put my car loan into the program, but i'm not sure how I > > should go about doing this. > > > The amount financed from Chase Auto Finance is 19,680.10 for 72 months > > @ 7.85% interest rate. The loan started in October of 2007 and my > > first payment was due December 5th, 2007. > > > Should my starting balance be the total amount of the loan, 19,680.10 > > - then add interest each month, followed by a payment? > > > If I just add my monthly statement bill, 344.72 then I won't really > > know how much I have left to pay off. So I figured by starting with > > the full loan amount i'll be able to see a reduction in my 'debt' each > > month. > > > Any tips would be greatly appreciated! > > > I just purchased the software today and i'm struggling to break > > Quicken habits. > > Hi Mark, > > Since MoneyWell doesn't calculate the loan for you yet (that is coming > in a future release), your starting balance should be the total amount > left (principal + interest). Then you can just enter the payments as > transactions. When I make a car payment from my checking account, I > create a transfer transaction and assign the outgoing transaction to > my car payment bucket. > > I wouldn't bother trying to break out the interest because it really > doesn't affect your cash flow (that was a Quicken habit I had to break). > > Peace, > > Kevin Hoctor > ke...@nothirst.com > No Thirst Software LLChttp://nothirst.comhttp://kevinhoctor.blogspot.com --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "No Thirst Software User Forum" group. To post to this group, send email to no-thirst-software@googlegroups.com To unsubscribe from this group, send email to no-thirst-software+unsubscr...@googlegroups.com For more options, visit this group at http://groups.google.com/group/no-thirst-software?hl=en -~----------~----~----~----~------~----~------~--~---
